Sahara chief Subrata Roy sent to police custody till March 04

Sahara chief Subrata Roy was on Friday arrested in Lucknow by the UP police. Roy had surrendered before the Lucknow police.

By Reema Sharma | Last Updated: Mar 01, 2014, 09:39 AM IST

Zee Media Bureau/Reema Sharma/Faizan Nizami

6:39 pm: Subrata Roy sent to police custody till March 04.

6:13 pm: Roy pleads before court to be allowed to stay at home, says he will abide by its decision.

6:11 pm: CJM Anand Kumar Yadav reserves order. Asks media and others to leave the court.

6:09 pm: UP police produces Subrata Roy in CJM court, seeks his custody to produce him before the Supreme Court on March 4.

5:55 pm: The Sahara chief is produced in court.

5:05 pm: Subrata Roy leaves residence to appear before CJM court.

As Sahara group chief Subrata Roy was arrested this morning amid high drama, son Seemanto said his father "wilfully submitted" before the Lucknow police and was cooperating with the authorities.

4:50 pm: In a statement issued by Sahara, it states that had there been non payment of dues to its investors, there would have been bloodbaths and suicides.

It also said that the company has repaid all the liabilities of OFCD except around Rs.2000 crores.

According to Sahara, it had deposited with SEBI Rs 5120 crores, a sum which is with SEBI for the last 16 months awaiting repayments (with buffer amount) and SEBI could disburse only 1 crore till now in last sixteen months.

12:05 pm: Roy to be produced before Lucknow CJM

Subrata Roy will be produced before CJM court in Lucknow soon. "Roy has been arrested and will be produced in court later today," Transgomti SP Habibul Hassan said.

10:54 am: Roy has willfully submitted himself before police, says son

Roy's son Seemanto Roy told reporters at the press conference held in Hotel Lalit in New Delhi that the Sahara chief will appear in court on March 4.

"Sahara India Parivar has always put nation ahead of business interest. In times of crisis we have always remained strong".

Seemanto said, "We are committed to abide by the law. Subrata Roy is the patriotic son of the soil. We are fighting an ongoing legal battle and are confident the at it will arrive at a logical conclusion soon."

Subrata Roy has willfully submitted himself before Lucknow police and he is cooperating with all authorities, Seemanto Roy said.

10:40 am: Subrata Roy arrested in Lucknow

Sahara chief Subrata Roy was on Friday arrested in Lucknow by the UP police. Roy had surrendered before the Lucknow police minutes before the hurriedly-called press conference in the national capital this morning.

Just before the press conference started, Roy's legal counsel Ram Jethmalani informed the Supreme Court that he has been taken into custody by the Lucknow police.

Jethmalani has also pleaded to the court for recalling of the non bailable warrant (NBW) issued by it on February 26 against Roy.

Jethmalani had earlier made submission that Roy be granted exemption from personal appearance and he will make payment as per the directions.

Roy will remain in police custody till March 04.

Meanwhile, the Supreme Court has turned down Roy's bail plea, saying it is not possible for the special bench assembled today to hear it. The court has asked the police to present him before it on March 4.

UP Police will produce Roy before a magistrate to seek transit remand to bring him to Delhi.

Sahara chief tenders "unconditional apology"

Cornered and facing imminent arrest, the Sahara chief had yesterday tendered an "unconditional apology" to the Supreme Court for his non-appearance in a contempt case and sought recall of the non-bailable warrant issued against him.

He has also appealed to the "humane side" of the court to consider sympathetically the wishes of his mother and permit him to be with her in her last moments.

The order to arrest Roy was issued yesterday for his failure to appear before the apex court in a contempt case arising out of non refund of Rs 20,000 crore to investors by two of his companies.